The Chinese police have detained 197 people for allegedly posting rumors in connection with the national stock market collapse and Tianjin blasts, Xinhua news agency reports.

A hundred and sixty five online accounts have been shut down for alleged misconduct, said the Ministry of Public Security on Sunday, saying it "caused panic, misled the public and resulted in disorders in stock market and society."

According to Wang, the information he gave “caused panic and disorder on the stock market, seriously undermined market confidence, and inflicted huge losses on the country and investors." Wang is cooperating with authorities in a plea bargain.

Liu Shufan, an official with China Securities Regulatory Commission, was also arrested. He is accused of taking bribes, forging official seals and insider trading.

Xinhua reported that Xu Gang, Liu Wei, Fang Qingli and Chen Rongjie, four executives of Citic Securities, the nation’s largest brokerage, were under arrest for alleged insider trading.